Shyam Bihari v. CIT & ANR.

Laxman Sharma, Patna vs. NFAC, Delhi

In the result, these two appeals filed by the assessee are allowed for statistical purposes

…excessive. 2. For that the addition made on account of interest in income from other source is unreasonable and arbitrary because the interest in question is business income in view of the order of the Hon'ble Patna High court in Shyam Bihari case reported in 345 ITR 283. 3. For that the assessing officer has not considered the fact that the assessee has not received refund rather the refund has been adjusted against the outstanding demand created in other assessment years. I.T.A. Nos. 336 & 337/Pat/2024 Laxman Sharma 4. For that the order under challenge is unjust, unreasonable and illegal in view of the fact t…

Laxman Sharma, Patna vs. ITO Ward4(5), Patna

In the result, these two appeals filed by the assessee are allowed for statistical purposes

…excessive. 2. For that the addition made on account of interest in income from other source is unreasonable and arbitrary because the interest in question is business income in view of the order of the Hon'ble Patna High court in Shyam Bihari case reported in 345 ITR 283. 3. For that the assessing officer has not considered the fact that the assessee has not received refund rather the refund has been adjusted against the outstanding demand created in other assessment years. I.T.A. Nos. 336 & 337/Pat/2024 Laxman Sharma 4. For that the order under challenge is unjust, unreasonable and illegal in view of the fact t…

Sriram Enterprises, Patna vs. PCIT (Central), Patna

In the result, the appeal of the assessee is allowed

Bench: Dr. Manish Borad & Shri Sonjoy Sarmai.T.A. No. 76/Pat/2023 Assessment Year: 2018-2019 Sriram Enterprises,………………………..........Appellant C/O. Nirmal & Associates, Nepali Kothi, Opposite Gasoline Petrol Pump, Boring Road, Patna-800001 [Pan:Aarfs8853J] -Vs.- Principal Commissioner Of Income Tax (Central), Patna,…………………………………..……………..Respondent, Bihar-800001 Appearances By: Shri Nishant Maitin, C.A., Appeared On Behalf Of The Assessee Md. A.H. Chowdhary, Cit (D.R.), Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : 5Th March, 2024 Date Of Pronouncing The Order: May 8Th, 2024 O R D E R

…uate inquiry and ld. Assessing Officer has conducted extensive enquiry and made proper application of mind. He further referred to the judgment of the Hon’ble Patna High Court in the case of Shyam Bihari -vs.- Commissioner of Income Taxrecord & Another (2012) 345 ITR 283, wherein the Hon’ble Jurisdictional High Court has held that in the nature of business of civil construction, 6% Net Profit rate is reasonable. Ld. Counsel for the assessee submitted that the assessee’s Net Profit rate is much better than the rate held to be reasonable by 8 Assessment Year: 2018-2019 Sriram Enterprises the Hon’ble Jurisdictiona…

M/S. Himachal Construction Co. Pvt. Ltd, Jamshedpur vs. ITO, Ward No.1(5), Jamshedpur

In the result, the appeal filed by the assessee is dismissed

Bench: Dr. Manish Borad & Sonjoy Sarma

…matter before ld. CIT(A) who sustained the addition to the extent of applying net profit rate of 6% which was requested by the assessee relying on the judgment of Hon'ble Patna High Court in the case of Shyam Bihari vs. Commissioner of Income-tax reported in 345 ITR 283. Before ld. CIT(A), the assessee also relied on other decisions of co-ordinate Bench Patna in the case of M/s. Salauddin in ITA No. 90/PAT/2008 wherein also in similar types of cases net profit was estimated @ 6% of the gross contract receipts. The relevant extract from the order of ld. CIT(A) is reproduced below: “During the course of appellate…

M/S. Bhagabati Build & Constructions Pvt. Ltd., Cuttack vs. Principal CIT-1, Bhubaneswar

In the result, appeal of the assessee is allowed

Bench: S/ S/Shri Chandra Mohan Garg, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2016-17 M/S. M/S. Bhagbati Bhagbati Build Build & & Vs. Pr. Cit,-1, Bhubaneswar 1, Bhubaneswar Constructions Pvt Ltd., At: Constructions Pvt Ltd., At: Madhupatna, Po: Link Road, Ps: Madhupatna, Po: Link Road, Ps: Madhupatna, Cuttack Madhupatna, Cuttack Pan/Gir No. No.Aaecb 1801 D (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Sandeep Kumar Jena Sandeep Kumar Jena, Ar Revenue By : Shri Manoj Kumar Goutam, Manoj Kumar Goutam, Cit (Dr) Date Of Hearing : 8/3/ 20 / 2022 Date Of Pronouncement : 29 / /3/2022 O R D E R Per C.M.Garg G, Jm

…. 7. Ld A.R. submitted that the Assessing Officer has not committed any error by allowing depreciation after estimation of profit @8%. For this proposition, he relied on the decision of Hon’ble Patna High Court in the case of M/s Shyam Bihari Vs. CIT, [2012] 345 ITR 283 (Patna), wherein, it has been held as under: - "10. We have been taken through the provisions of circular of the Board dated 31.8.1965. According to that circular which is binding on the department and its authorities, where it is proposed to estimate the profit and the prescribed particulars have been furnished by the assessee, the depreciation…

Divya Construction, Bhagalpur vs. ACIT, Circle-1, Bhagalpur

In the result, the appeal of the assessee is partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

…the assessee’s case for deduction on account of depreciation separately while computing its income by applying the net profit rate, ld. Counsel for the assessee has relied on the decision of the Hon’ble Patna High Court in the case of Shyam Bihari reported in 345 ITR 283, wherein it was held that if the net profit was required to be estimated, it should be estimated subject to the allowance for depreciation and the depreciation allowance should be deducted separately, as clarified by the CBDT Circular No. August 31, 1965, which was binding on the Assessing Officer. Keeping in view the said decision of the Hon’ble…

M/S Alectra Consts.Ltd., Samastipur vs. DCIT, Darbhanga

In the result, the appeal of the assessee is allowed

…timated net profit. In this regard, ld. AR relied on the decisions of Hon’ble Rajasthan High Court in the case of Shri Ram Jhanwar Lal Vs. ITO, 321 ITR 400 (Raj) and decision of Hon’ble jurisdictional High Court in the case of M/s Shyam Bihari Vs. CIT, [2012] 345 ITR 283 (Patna). 7. On the other hand, ld.DR relied on the order of the CIT(A). 8. After considering the rival submissions of both the parties and perusing the entire material available on record, we find in the instant case the Assessing Officer estimated net profit @8% after considering all expenses including depreciation. The CIT(A) confirmed the net…